Insights: Coronavirus (COVID-19)

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COVID 19 – UK and Indian tax residence

Mythily Katsaris, Hamilton Forrest |

The fact that travel including international travel has been heavily restricted by the Covid-19 pandemic means that individuals have been unable to leave certain jurisdictions including the UK and India. Mythily Katsaris and Hamilton Forrest discuss the risk for individuals becoming tax resident in the UK or India by virtue of being stuck in one of these jurisdictions and certain measures that may be relied on to prevent this from happening.

Update on clarification on Business Interruption Insurance Cover

Alexander Wildschütz, Bree Taylor, David Weare, Christian Charles, Ottilia Csoti, Nadia Osborne, Michaela Patterson, Tim Reinhard |

The FCA has now completed the first stage of providing clarity regarding the cover available to businesses affected by Covid-19. The FCA’s assessment following a review of the standard types of policies confirms our view that cover will in the majority of insurance products be limited to events of physical damage to the business premises […]

Coronavirus Job Retention Scheme update

Mike Tremeer, Michael McCartney, Taj Rehal |

Since it was announced on 20 March 2020, the Government’s Coronavirus Job Retention Scheme (CJRS) has seen various revisions and updates.  Our previous summary of the CJRS and the Government’s guidance can be seen here. The latest CJRS factsheet published by the Government indicates that, as of 24 May 2020, 1m employers had taken advantage […]

Future Fund verdict: good for VC but not a panacea for startups

Jamie Hamilton, Graham Spitz, Anthony Shatz |

Applications for the UK Government’s hotly anticipated £250m Future Fund are open, following several weeks of speculation and lobbying since the publication of the term sheet in April. Applications for funding hit a reported £453m on the first day, prompting speculation that the capacity of the Fund – which is run by the British Business […]

Have you sold or bought on the basis of an earn-out? The present downturn might lead you to renegotiation but keep in mind the tax consequences…

Jonathan Riley |

An earn-out arrangement is one where all or part of the price for acquiring a business is based on the business’s future performance.  This part of the price is unascertained at the time of completion and is typically measured by the increase in one or more metrics over a period of time.  For example, the […]

Top Covid-19 tips for our real estate clients

Roy Perrott |

1.) Contracting out leases It is very important that landlords follow the correct procedure when contracting out a business tenancy under the Landlord and Tenant Act 1954.  Fail to get this right and the tenant might acquire security of tenure.  The tenant needs to be sent a “warning notice”, explaining that they are giving up […]

Takeover Panel refuses to allow Brigadier to lapse offer for Moss Bros Group during Covid-19 pandemic

Neil Vickers |

On 19 May the Takeover Panel refused permission for the owners of the Crew Clothing group to invoke certain conditions of their recommended £22 million cash offer for Moss Bros Group plc in order to lapse the bid.   The Panel ruled that Brigadier Acquisition Company Limited had not shown that the circumstances giving rise to […]

AGMs and The Corporate Insolvency and Governance Bill

Nigel Gordon |

Introduction On 20 May 2020, the Corporate Insolvency and Governance Bill (Bill) started its passage through Parliament, with the second reading expected to take place on 3 June 2020. The objective of the Bill is to help UK companies and similar entities to continue to trade during the current worldwide pandemic and to avoid insolvency. […]

The Corporate Insolvency and Governance Bill - our initial thoughts

Jeremy Whiteson |

On 20 May 2020 the Corporate Insolvency and Governance Bill was introduced to Parliament. This is a major piece of legislation (stretching to 229 pages) and will form a centrepiece of the Government’s response to the fallout of the Covid 19 pandemic for businesses. It will not be law until it has passed all stages […]

Statement of Changes

Sophie Spector |

At a time when urgent clarification is needed for those affected by COVID-19, on 14 May 2020 the Home Office took the unexpected step of releasing an unrelated Statement of Changes to the Immigration Rules. Immigration Associate Sophie Spector take a look at the changes – click here to read the full article  

The Code for Leasing Business Premises, 1st Edition, February 2020 (the Lease Code)

Fiona Smith |

In the current climate in which many occupiers may be looking to renegotiate the terms of their existing leases, the provisions of the new Lease Code may be helpful in highlighting key points to consider when approaching discussions with landlords. Background The new Lease Code was published by the RICS in February 2020.  It does […]

Covid- 19: Weapons in a Tenant’s Armoury

Kirsty Smith |

Much has been written about the effect of Covid-19 on the performance and enforcement of contracts. The Government has recognised that parties to some contracts may find it difficult or impossible to perform those contracts in accordance with agreed terms, as a result of the impact of the pandemic. Rent In the context of commercial […]